BankersOnline.com Endorses Penleys Fast Watch Solution for Patriot Act Section 326 Compliance.

(PRWEB) June 27, 2003 - BankersOnline.com, the premier portal for the financial services industry, announced today their endorsement of Penleys Fast Watch solution. Fast Watch is a web-based identity verification solution that provides financial institutions with the necessary tools for complete compliance with the four main components of Section 326 of the USA Patriot Act.

The USA Patriot Act includes provisions for fighting international money laundering and blocking terrorist access to the US financial system. Section 326 of the Act addresses the creation of minimum requirements for verification of customer identification in the new account opening process which becomes effective by October 1, 2003. To be compliant with the new regulations, financial institutions are required to develop a Customer Identity Program (CIP), verify the identity of anyone seeking to open an account, check customers against Section 326 lists, and maintain records of the information used to verify a persons identity.

This is the first time BankersOnline.com has given its endorsement to any company or product. We feel strongly about the ability of Fast Watch to simplify the task of customer identification. Fast Watch is a cost-effective, easy-to-use solution to address the biggest hurdles banks face in Section 326 compliance," said Mary Beth Guard, BankersOnline.com CEO. Penleys solution was designed with input from the banking community and provides banks with an end-to-end solution that will quickly and effectively meet all requirements of Section 326."

``We are excited about our relationship with BankersOnline.com. This recommendation further validates that the Fast Watch Solution is the only comprehensive solution in the market today," said Cleve Shultz, Penley Inc. Executive Vice President. As the Patriot Act Section 326 deadline quickly approaches, we look to forward to helping community banks comply with the regulations, as well as protect against fraud."

Company Information

About Penley Inc.
Penley is the leader in Financial Account Integrity. The company provides financial institutions with easy-to-use technology solutions for identity validation and automated enrollment of new accounts. For financial institutions that need a value-driven identity verification service, Penleys Fast Watch provides complete USA Patriot Act Section 326, OFAC and 314A compliance as well as protects against identity fraud. The companys advanced technology platform ensures the delivery of superior services as well as best-of-breed automation, security, and technology. For more information, please visit www.penleyinc.com

About BOL
BankersOnline.com is a joint effort by Glia Group, Inc. and the Bankers Information Network. The principals behind Glia Group are Mary Beth Guard, an attorney who is nationally known as a banking speaker and author; Carin Eisenhauer, who has spent more than a decade working with bankers on complex compliance matters; and Dr. Michele Petry, an Internet pioneer and visionary who spent several years in the banking industry as a technology consultant. The Bankers Information Network, headed by George Milner, is the publisher of two of the leading newsletters in the banking industry: Compliance Action and Bankers' Hotline, as well as the producer of the Bankers Video Library of training videos.

This release may contain or incorporate by reference forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause our actual performance or achievements to be materially different from any future results, performance or achievements expressed or implied by those statements. Penley undertakes no obligation to publicly update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events or changes to future results over time.